PiCK
BitMine buys an additional 71,179 Ethereum last week… holdings top 4.73 million
Summary
- BitMine said it purchased an additional 71,179 Ethereum (ETH) over the past week, expanding its total holdings to 4,732,082.
- BitMine’s ETH holdings account for 3.92% of total circulating supply and are valued at about $9.49 billion, representing a core portion of its $10.7 billion in total crypto, cash and strategic investment assets.
- A total of 3,142,643 ETH is currently staked, generating about $177 million a year at a 2.80% annualized yield; the company said annual rewards could rise to around $266 million if all holdings are staked.
Forecast Trend Report by Period
BitMine, the world’s largest corporate Ethereum treasury holder, has purchased an additional 71,179 Ethereum (ETH) over the past week, lifting its total holdings to 4,732,082.
According to PR Newswire on the 30th, BitMine said it bought 71,179 ETH last week, a pace higher than its previous average weekly purchases (45,000–50,000). BitMine has accelerated its buying for four consecutive weeks, moving closer to its goal of securing “5% of ETH.”
As of the 29th (local time), BitMine holds 4,732,082 ETH. At an ETH price of $2,005, the stake is valued at about $9.49 billion. That represents 3.92% of total ETH in circulation (120.7 million).
In addition, BitMine’s total crypto, cash and strategic investment assets were tallied at $10.7 billion. This includes 4.73 million ETH, 197 Bitcoin, $961 million in cash, a $200 million stake in Beast Industries, and a $102 million stake in Aitco Holdings (ORBS), among others.
ETH currently staked totals 3,142,643, worth about $6.3 billion at an ETH price of $2,005. That accounts for roughly 66% of total holdings. The annualized yield over the past seven days is 2.80%, translating into annualized staking income of about $177 million. The company said that if all holdings were staked, annual rewards could expand to around $266 million.
Earlier, on the 25th, BitMine officially launched its institutional staking platform, the “Made in America Validator Network (MAVAN).” Some ETH is currently being staked on the MAVAN platform.
Thomas Lee, chairman of BitMine, said, “As the Iran war enters its fifth week, ETH and cryptocurrencies have delivered 1,160bp of outperformance versus equities,” adding that “gold has underperformed by more than 750bp.” He added that “cryptocurrencies are functioning as a store of value even in wartime.”
He also said, “The inverse correlation between oil prices and crypto and equities has reached its highest level in the past year,” adding, “Rising oil prices weigh on risk assets, but if the risk from higher oil prices passes its peak, the crypto winter may also be nearing an end.”
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
